Virginia Sets Record $696.1M Sports Betting Handle in Oct 2024

Record October 2024 Sports Betting Handle Reported by Virginia

By Blake Roberts Founder & Editor in Chief Updated: 06 December 2024

Blake Roberts Founder & Editor in Chief

Blake Roberts is the founder of Betting.US and is currently heading the creative team as Editor in Chief. Born and raised in Morgantown, West Virginia, Blake is a great sports fan, with football and basketball being his favorite. He’s our trusted voice for all betting-related matters.

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A Snapshot of the Record Handle

The reported October sports betting handle in Virginia ($696.1 million) is 21.8% higher than the one for the same period in 2023 ($571.4 million). The fact that the total amount of the wagers in October rose by 11.9% compared to the previous month of September ($622.1 million) is an even more impressive achievement.

Out of October’s $696.1 million in wagers, the overwhelming $692.2 million is accounted for by online platforms. Retail betting was responsible for the remaining $3.9 million. This demonstrates the exponential increase in the popularity of iGaming nationwide, sometimes at the expense of land-based casino and betting activities.

By the end of October, Virginia’s year-to-date sports betting handle has surpassed $5.59 billion, already exceeding the total handle of $4.9 billion for 2023. We can’t wait to see what’ll happen by the end of the year and what the future holds for Virginia and all other US states with legal online and in-person sports betting.

Adjusted Gross Revenue Takes a Dip

Despite the record betting handle, one thing that marked a decline is the Adjusted Gross Revenue (AGR). This is the amount of wagers placed by handlers minus the amount they’ve won from placing these wagers. In October 2024, this was $49.0 million, representing a 13.1% decrease from the same period in 2023.

Compared to September 2024’s AGR ($65.9 million), the drop is even more considerable, standing at a 25.6% drop. The hold percentage, the amount retained by sportsbooks, was 7.04%, down from 11.5% in September 2024 and 11.2% in October 2023. Essentially, this means that the outcomes for the specified period were more favorable to gamblers.

Although profitable, DraftKings, one of the biggest sportsbooks in Virginia, reported a negative hold of -10% to -15% in the period between October and the week of 4 November this year. As Barry Jonas, a financial analyst for Truist said, the NFL results were “the worst in company history”.

Industry Perspectives

Virginia’s October performance solidified the state’s position as one of the key players in the national sports betting landscape. Industry leaders emphasize the importance of balancing market growth with player engagement and commitment to responsible gambling practices.

Virginia’s record-breaking October showcases both the opportunities and challenges in the sports betting sector. As the market evolves, stakeholders will likely prioritize enhancing user experience and refining operational strategies to maintain growth while addressing shifts in revenue dynamics.